x

Food price hike, others push inflation to 14.23% —NBS

The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14.23 per cent in October 2020.

Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 per cent when compared to what was recorded in the preceding month.

The bureau said, “The Consumer Price Index, which measures inflation increased by 14.23 per cent (year-on-year) in October 2020.

“This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71 per cent).”

It was observed that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.54 per cent in October 2020, representing 0.06 per cent rate higher than the rate recorded in September 2020 (1.48 per cent).

The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 per cent.

This showed a 0.22 per cent point rise from 12.44 per cent recorded in September 2020.

The urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020.

Rural inflation rate on the other hand, increased by 13.68 per cent in October 2020 from 13.14 per cent in September 2020.

On a month-on-month basis, the urban index rose by 1.6 per cent in October 2020, up by 0.04 from 1.56 per cent recorded in September 2020.

The rural index also rose by 1.48 per cent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 per cent).

The corresponding 12-month year-on-year average percentage change for the urban index was 13.29 per cent in October 2020.

This was higher than 13.07 per cent reported in September 2020, while the corresponding rural inflation rate in October 2020 was 12.09 per cent compared to 11.86 per cent recorded in September 2020.

Hot this week

Nigeria at 65: Igoche Mark Salutes Athletes for Global Contributions

As Nigeria marked its 65th Independence anniversary on Wednesday,...

China And Nigeria Reaffirm Strategic Partnership at PRC’s 76th Anniversary Celebration

Nigeria and China have reaffirmed their commitment to strengthening...

NGO To Strengthen Advocacy On Maternal and Child Birth Activties 

By Achadu Gabriel, Kaduna  Kaduna Maternal Accountability Mechanism (KADMAM), said...

Group  empowers community in Akwa Ibom in solidarity with APC National Chairman Prof Nentawe 

By Israel Adamu, Jos  The Albert Initiative for Development (AID)...

CSOs fault DAPPMAN’s ₦75 per litre coastal freight cost demand

Coalition of Civil Society Organisations in Nigeria (COCSON) and...

NNPC Foundation Boosts Economy with Agricultural Intervention, Say Kano Farmers

By Jabiru Hassan Farmers in Kano State have commended the...

Kogi Boat Mishap: Death Toll Rises to 36, 40 Rescued

By Noah Ocheni, Lokoja The National Inland Waterways Authority (NIWA)...

Nigeria @65: Claims of Progress Are Deceptive – Activist Ukegbu

A social rights activist, Comrade Okechukwu Keshi Ukegbu, has...

Nigeria @65: Northern CAN Urges Hope, Calls on Leaders to Strengthen Nation-Building

By Achadu Gabriel, Kaduna The Christian Association of Nigeria (CAN),...

Group Presses Nasarawa Assembly for Speedy Passage of Climate Change Bill

y Leo Zwanke, Lafia The Nasarawa State Network on Environment...

PCRC Zone 4 Trains Members on Community Policing in Lafia

By Leo Zwanke, Lafia The Police Community Relations Committee (PCRC),...

Related Articles

Popular Categories

spot_imgspot_img